SEC新规将减缓财库公司的收购速度和规模，市场将之视作较大利空。

Forward-looking trading dominated, U.S. stocks returned to high valuations, and the market moved slowly upward against the backdrop of favorable macro data and a September interest rate cut.

With the resonance of on-site and off-site funds, BTC started the fourth wave of rise in this bull market.

If the on-site funds start to work and achieve resonance with the off-site funds, the fourth wave of BTC's rise in this bull market will come.

The internal structure is solid, and the short-term trend of BTC depends on the progress of the "geopolitical conflict".

A real breakthrough to a new level will require greater progress in the "reciprocal tariff war," "cryptocurrency policy," or the Federal Reserve's interest rate cuts.

With policy breakthroughs and capital inflows, BTC is becoming increasingly mainstream.

The Stablecoin Act is the second largest industry positive to date, second only to the approval of the BTC Spot ETF.

The crypto market is clearly in an expansion phase, and the only factors suppressing prices are external factors.

The short-term floating profit has just exceeded 10%, and only 2% of the chips are in a loss state. The market is in a very safe state.

After the revision from February to April, long-term funds entered the market, and the market became relatively stable after the chips were redistributed.

Trump's "surrender" and the Federal Reserve's "dovish" stance are the main driving forces behind the market rebound.

A large influx of funds for “bottom-fishing” in the stablecoin channel has pushed BTC to outperform the Nasdaq.

The main points of observation are whether the subsequent "reciprocal tariffs" will escalate conflicts, whether the Federal Reserve will cut interest rates "in a timely manner", and whether the US economy will fall into recession.

The short-hand group is currently still under pressure of 16% floating losses, and the collapse of this group will lead to further price falls.